|Sep 13, 2018 06:00 PM||By: John Patrick Mullin | 3939 Views|
Giant cryptocurrency exchange, Huobi has obtained a majority stick in Japan-based BitTrade in a movement that is aimed at significantly computing the trading platform and providing it greater global attention.
Now based in Singapore, Huobi was initially founded in China in 2013 and has over the years evolved past borders into many nations that cover Hong Kong, Korea, Japan, and the United States.
Huobi ranks amongst the top five cryptocurrency exchanges in the world, with a grown trading volume of over $1trillion since it was founded, and native token trading over $1.50 as listed on CoinmarketCap as at the time of writing.
Earlier this year, the exchange was described to have expanded into the European market by building an office in London in a move that the company’s Vice President expressed as an absolute entry point for his corporation into the European market.
On the other hand, BitTrade as an exchange also claims of achieving certain events and creating its status in the cryptocurrency marketplace. The discussion is among the 16 licensed cryptocurrency exchanges in Japan that came collectively to form a self-regulatory body, soon after the infamous $530 million Coincheck theft beginning this year.
In the wake of this recent addition, the Board Secretary and Chief Financial Officer for Huobi, Chris Lee notes that his organization will leverage on the skills and a global network of the BitTrade owner, Eric Cheng as the business continues to expand geographically.
“We strongly believe in the synergies we can create through continued investment into R&D, and compliance, backed by our world-class security and local operations teams across the globe. Leveraging on BitTrade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow BitTrade into the most dominant player in the Japanese cryptocurrency market”, states Lee.
Cheng is recognized for his vast expertise in international investments and cryptocurrency entrepreneurship. He and his team are also reputed for their expertise in sourcing high-quality digital assets and investments, concentrating in initial coin offerings, crypto exchanges with other similar ventures.
As discussed above, this partnership is required to enable Huobi to scale significantly and extend into regions where its appearance has hitherto not been felt earlier.